Weekly Channel Summary
The FI: Specialty channel held $76.54B in assets across 167 ETFs from 13 issuers at week’s end. Net flows were positive at $419M for the week, bringing year-to-date inflows to $13,715M and trailing one-year inflows to $19,639M. The channel continues to see consistent accumulation, with the vast majority of both AUM and flows concentrated in defined maturity structures.
This Week’s Performance Leaders and Laggards
Specialty – Maturing Ladder led the channel on a WTD basis at 0.44%, followed closely by Specialty – Defined Maturity at 0.27%, while Specialty – Interest Rate Volatility lagged with a -0.63% weekly decline. On a YTD basis, however, Interest Rate Volatility stands out as the strongest performer at 6.53%, well ahead of Defined Maturity’s 1.08% and Maturing Ladder’s slightly negative -0.01%. The standout fund for the week was BNDD, up 1.59%, with several iShares and Invesco term municipal bond funds also posting gains above 1%. At the other end, PFIX declined 2.52% for the week, the weakest showing in the channel.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Specialty – Maturing Ladder | 0.44% | 2.78% | 0.22% | -0.64% | -0.01% | -0.06% |
| Specialty – Defined Maturity | 0.27% | 1.16% | 0.27% | 0.47% | 1.08% | 1.93% |
| Specialty – Interest Rate Volatility | -0.63% | -2.23% | 2.56% | 5.47% | 6.53% | 10.21% |
Top & Bottom 5 ETFs by Weekly Performance
Municipal-focused term funds dominated the top of the weekly performance table, with IBMW, IBMX, BSMZ, and BSMY all gaining between 1.03% and 1.10%. These results reflect the broader strength seen in the Maturing Ladder and Defined Maturity categories this week. On the downside, RFIX fell 1.51%, compounding losses alongside PFIX within the Interest Rate Volatility category. Rounding out the laggards, BSJR, RINF, and CPII posted modest declines under 0.5%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BNDD | Quadratic Deflation ETF | 1.59% |
| IBMW | iShares iBonds Dec 2034 Term Muni Bond ETF | 1.10% |
| IBMX | iShares iBonds Dec 2035 Term Muni Bond ETF | 1.07% |
| BSMZ | Invesco BulletShares 2035 Municipal Bond ETF | 1.06% |
| BSMY | Invesco BulletShares 2034 Municipal Bond ETF | 1.03% |
| Bottom Performers | ||
| PFIX | Simplify Interest Rate Hedge ETF | -2.52% |
| RFIX | Simplify Bond Bull ETF | -1.51% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | -0.32% |
| RINF | ProShares Inflation Expectations ETF | -0.13% |
| CPII | American Beacon Ionic Inflation Protection ETF | -0.03% |
Analyzing the Weekly Flows
The channel attracted $419M in net inflows for the week, with Specialty – Defined Maturity capturing essentially all of it at $419M, while Interest Rate Volatility added just $1M and Maturing Ladder was roughly flat. By segment, Government led with $208M in inflows, followed by Corporate at $149M and Municipal at $62M. Looking at duration buckets, flows were broadly positive across intermediate maturities from 2027 through 2036, with 2030 ($84M) and 2029 ($81M) leading, while the 2026 bucket stood out as the clear outlier with $132M in outflows as those funds approach maturity.
Flows by Category
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Specialty – Defined Maturity | 132 | $75.31B | $419M | $1,637M | $3,804M | $13,598M | $19,549M |
| Specialty – Interest Rate Volatility | 7 | $1.04B | $1M | $132M | $172M | $89M | $113M |
| Specialty – Maturing Ladder | 28 | $185M | -$0M | $8M | $2M | $29M | -$24M |
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Government | 65 | $14.71B | $208M | $973M | $1,868M | $4,045M | $5,221M |
| Corporate | 66 | $56.17B | $149M | $576M | $1,600M | $8,333M | $12,585M |
| Municipal | 36 | $5.66B | $62M | $227M | $511M | $1,337M | $1,833M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: 2026 | 9 | $9.75B | -$132M | -$951M | -$2,140M | -$3,826M | -$3,059M |
| Duration: 2027 | 13 | $13.78B | $25M | $120M | $516M | $1,799M | $2,565M |
| Duration: 2028 | 14 | $13.56B | $71M | $351M | $1,005M | $3,662M | $4,713M |
| Duration: 2029 | 13 | $11.01B | $81M | $468M | $805M | $2,756M | $3,710M |
| Duration: 2030 | 17 | $9.00B | $84M | $403M | $878M | $2,680M | $3,692M |
| Duration: 2031 | 15 | $6.28B | $80M | $359M | $799M | $2,052M | $2,479M |
| Duration: 2032 | 13 | $4.54B | $71M | $210M | $439M | $1,210M | $1,576M |
| Duration: 2033 | 11 | $3.16B | $31M | $135M | $392M | $881M | $1,054M |
| Duration: 2034 | 10 | $2.23B | $47M | $184M | $334M | $914M | $1,121M |
| Duration: 2035 | 13 | $1.43B | $37M | $153M | $389M | $949M | $1,115M |
| Duration: 2036 | 9 | $483M | $24M | $194M | $323M | $448M | $448M |
| Duration: 2044 | 1 | $75M | $0M | $0M | -$25M | -$5M | $4M |
| Duration: 2045 | 3 | $26M | $0M | $3M | $6M | $7M | $8M |
| Duration: 2046 | 3 | $69M | $0M | $8M | $47M | $56M | $56M |
| Duration: 2050 | 2 | $7M | $0M | $0M | $0M | $0M | $0M |
| Duration: 2054 | 1 | $5M | $0M | $0M | $0M | $2M | $4M |
| Duration: 2055 | 5 | $26M | $0M | $6M | $2M | $2M | $1M |
| Duration: 2056 | 3 | $54M | $0M | $0M | $39M | $42M | $42M |
| Duration: 2060 | 2 | $4M | $0M | $0M | -$4M | -$2M | -$2M |
| Duration: 2065 | 2 | $6M | $0M | $1M | -$1M | -$1M | -$1M |
| Duration: Long | 1 | $1M | -$0M | -$0M | $0M | $0M | -$0M |
Top & Bottom 5 ETFs by 5-Day Flow
IBTH led all funds in weekly inflows at $39M, followed by IBTJ at $35M, with several other iShares term funds also gathering between $25M and $28M. On the outflow side, IBDR saw the largest redemptions at $55M, followed by BSCQ at $35M. Both of these top outflow funds reside in the 2026 duration bucket, consistent with the broader rotation out of near-maturity term funds observed at the category level.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IBTH | iShares iBonds Dec 2027 Term Treasury ETF | $39M |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | $35M |
| IBCA | iShares iBonds Dec 2035 Term Corporate ETF | $28M |
| IBDT | iShares iBonds Dec 2028 Term Corporate ETF | $26M |
| IBDU | iShares iBonds Dec 2029 Term Corporate ETF | $25M |
| Outflows | ||
| IBDR | iShares iBonds Dec 2026 Term Corporate ETF | -$55M |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | -$35M |
| BSCR | Invesco BulletShares 2027 Corporate Bond ETF | -$26M |
| BSJQ | Invesco BulletShares 2026 High Yield Corp Bond ETF | -$18M |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | -$18M |
Issuer League Table Update
iShares remains the dominant issuer in the channel with $44.81B in assets and a 58.55% share, followed by Invesco at $28.62B and 37.39% share; together the two control nearly 96% of channel AUM. iShares also led weekly inflows by a wide margin, pulling in $374M, while Vanguard and Invesco added smaller amounts of $24M and $13M, respectively. On the outflow side, no issuer registered a meaningful net redemption for the week, with KraneShares, Stone Ridge, and American Beacon all showing flows of roughly $0M, indicating outflows this week were concentrated at the fund level rather than driven by any single issuer.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 56 | $44.81B | 58.55% |
| Invesco | 36 | $28.62B | 37.39% |
| State Street | 24 | $1.29B | 1.68% |
| Vanguard | 10 | $594M | 0.78% |
| FolioBeyond | 1 | $486M | 0.63% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $374M |
| Vanguard | $24M |
| Invesco | $13M |
| Outflows | |
| KraneShares | -$0M |
| Stone Ridge | -$0M |
| American Beacon | $0M |
For a deeper dive into these trends, access our FREE, in-depth FI: Specialty ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
